Bharat Heavy Electricals Ltd

About

Bharat Heavy Electricals is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, Transportation, renewable Energy, Oil & Gas and Defence.(Source : 202003 Annual Report Page No:254)

  • Market Cap 20,527 Cr.
  • Current Price 58.9
  • High / Low 80.4 / 30.6
  • Stock P/E
  • Book Value 73.3
  • Dividend Yield 0.00 %
  • ROCE -9.69 %
  • ROE -9.88 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.80 times its book value
  • Debtor days have improved from 116.07 to 85.09 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.46% over past five years.
  • Company has a low return on equity of -3.56% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
7,341 10,373 4,532 6,227 5,681 5,050 1,991 3,696 4,451 7,170 2,901 5,112
7,122 8,987 4,802 5,962 5,354 5,609 3,050 4,329 4,632 8,439 3,377 5,142
Operating Profit 219 1,386 -270 265 327 -560 -1,059 -633 -180 -1,268 -476 -30
OPM % 3% 13% -6% 4% 6% -11% -53% -17% -4% -18% -16% -1%
Other Income 232 124 146 140 157 147 100 109 99 84 74 96
Interest 58 97 108 119 140 141 115 94 86 79 84 90
Depreciation 113 134 115 119 115 154 119 115 113 127 111 43
Profit before tax 280 1,278 -347 167 229 -709 -1,192 -734 -280 -1,390 -597 -67
Tax % 30% 47% 37% 28% 29% -116% 25% 25% 22% 25% 25% 31%
Net Profit 196 681 -218 122 163 -1,533 -893 -552 -217 -1,035 -447 -46
EPS in Rs 0.54 1.96 -0.63 0.35 0.47 -4.40 -2.56 -1.59 -0.62 -2.97 -1.29 -0.13

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
33,506 42,526 48,340 48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,463 17,309 19,635
27,605 33,893 38,393 39,420 34,982 29,183 26,862 27,370 27,174 28,409 21,596 20,357 21,590
Operating Profit 5,901 8,633 9,947 9,483 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 -1,954
OPM % 18% 20% 21% 19% 12% 7% -5% 4% 6% 7% -1% -18% -10%
Other Income 1,217 1,035 1,276 1,132 1,617 1,221 1,492 753 679 662 590 393 353
Interest 37 56 53 128 133 92 360 413 330 378 613 467 339
Depreciation 460 546 803 957 985 1,082 937 850 787 476 503 473 393
Profit before tax 6,621 9,065 10,367 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -3,596 -2,334
Tax % 35% 33% 32% 30% 31% 34% 39% 22% 64% 46% -123% 25%
Net Profit 4,327 6,053 7,087 6,693 3,503 1,452 -704 457 441 1,005 -1,466 -2,697 -1,746
EPS in Rs 11.79 16.49 19.30 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 -5.01
Dividend Payout % 26% 25% 22% 20% 20% 20% -14% 85% 151% 69% 0% 0%
Compounded Sales Growth
10 Years: -9%
5 Years: -7%
3 Years: -16%
TTM: 20%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 38%
Stock Price CAGR
10 Years: -11%
5 Years: -7%
3 Years: -5%
1 Year: 79%
Return on Equity
10 Years: 5%
5 Years: -1%
3 Years: -4%
Last Year: -10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
490 490 490 490 490 490 490 490 734 696 696 696 696
Reserves 15,406 19,665 24,914 30,043 32,667 33,717 31,825 31,899 31,601 30,208 27,964 25,287 24,823
Borrowings 148 252 432 2,698 4,693 1,889 211 156 110 2,598 5,080 4,951 4,992
32,722 39,211 41,664 38,588 37,481 34,887 33,051 29,153 31,495 30,987 26,550 25,025 24,031
Total Liabilities 48,767 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 54,542
2,609 3,610 4,519 4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,392
CWIP 1,552 1,757 1,763 2,467 2,931 2,614 318 168 203 235 314 420 423
Investments 6 11 6 6 6 6 796 757 429 152 162 185 189
44,600 54,240 61,211 64,679 67,665 64,134 60,494 57,171 60,235 61,132 56,998 52,864 51,539
Total Assets 48,767 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 54,542

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,630 2,699 -701 1,759 4,512 821 374 560 989 -3,860 -2,892 562
-942 -1,439 -582 -1,113 -868 650 23 -565 961 1,919 1,877 -42
-1,161 -1,410 -1,690 472 523 -3,543 -122 -468 -667 -32 1,622 -396
Net Cash Flow -473 -150 -2,972 1,118 4,167 -2,071 275 -473 1,283 -1,973 608 123

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 227 174 200 219 260 309 321 283 178 142 121 85
Inventory Days 206 206 210 186 195 270 272 200 191 218 321 333
Days Payable 168 154 157 151 173 238 239 225 299 295 299 277
Cash Conversion Cycle 265 226 254 254 283 341 354 258 70 65 143 142
Working Capital Days 5 75 102 126 158 193 206 158 116 124 148 130
ROCE % 46% 50% 45% 33% 15% 6% -2% 3% 5% 7% -0% -10%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
63.06 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
12.08 11.68 12.13 11.36 9.96 9.36 5.09 4.24 4.34 4.47 4.67 4.31
18.07 18.54 18.82 19.09 19.24 17.81 18.14 15.58 13.51 12.49 12.39 13.73
6.80 6.61 5.88 6.38 7.63 9.66 13.60 17.01 18.98 19.87 19.76 18.79

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